15. INTERESTS IN JOINT ARRANGEMENTS (CONTINUED) Investments in joint operations Details of the joint operations are as follow: Proportion of ownership Name of joint operation 2024 % 2023 % Principal activities Unincorporated in Singapore Hyundai-Keong Hong JV Limited Partnership* 30 30 Undertake of construction works for Punggol Recreation Sport Centre Unincorporated in Singapore Building Works at Tengah Plantation Contract 5 and Common Green* 51 – Undertake of construction works for Housing & Development Board * Audited by Forvis Mazars LLP, Singapore (formerly known as Mazars LLP). 16. INTANGIBLE ASSETS Computer software Contractual customers relationship Goodwill Total $’000 $’000 $’000 $’000 Group Cost Balance at 1 October 2022 502 309 1,611 2,422 Additions 137 – – 137 Liquidation of a subsidiary – (309) (1,611) (1,920) Balance at 30 September 2023 and 2024 639 – – 639 Accumulated amortisation Balance at 1 October 2022 249 – – 249 Amortisation 160 – – 160 Balance at 30 September 2023 409 – – 409 Amortisation 99 – – 99 Balance at 30 September 2024 508 – – 508 Impairment Balance at 1 October 2022 88 309 1,611 2,008 Liquidation of a subsidiary – (309) (1,611) (1,920) Balance at 30 September 2023 and 2024 88 – – 88 Net carrying amount Balance at 30 September 2023 142 – – 142 Remaining useful life 1 – 2 years – – N.A. Balance at 30 September 2024 43 – – 43 Remaining useful life 1 – 2 years – – N.A. Intangible assets with indefinite useful life are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. The amortisation expense is included in the “Administrative expenses” line item in profit or loss. 105 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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